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-The Federal Finance and Taxation Act of 552AER-
~ Amendment (Federal Income Tax Reform Act 571AER) ~ Amendment (Corporate Tax Reform Act 572AER) ~ Amendment (Tax Revision Act 583AER) Preamble: We in the Socialist Party are UTTERLY dumbfounded at the flawed and incompetent nature of the current tax system. The current brackets disproporationately discriminate against the working and medium class, while giving gargantuan taxbreaks to the handful of corporatists that earn millions of Fall a year. This is something which we promised to the people, and something which we intend to deliver on right away. -- Al Franken MP DEFINITION An Act to adjust the Federal Income Tax brackets to the spectrum of realistic Falleen wages. Federal Income Tax Reform Act 571AER Be it enacted by the Emperor's most Excellent Majesty, Vinther III, by and with the advice and consent of the Chamber of Deputies and the Imperial Senate, in this present Parliament assembled, and by the authority of the same, as follows:-- New Tax Brackets: (1) AS OF THIS ACT, the following tax brackets shall be considered Income Tax Revenue. — a NEW TAX BRACKETS FOR INCOME TAX— *0 Fall - 13,999 Fall = 0% *13,999 Fall - 19,999 Fall = 6.9% *20,000 Fall - 29,999 Fall = 8% *30,000 Fall - 39,999 Fall = 10% *40,000 Fall - 46,999 Fall = 14% *47,000 Fall - 69,999 Fall = 15% *70,000 Fall - 75,999 Fall = 19% *76,000 Fall - 89,999 Fall = 22% *90,000 Fall - 104,999 Fall = 29% *105,000 Fall - 149,999 Fall = 31% *150,000 Fall - 249,999 Fall = 33% *250,000 Fall - 299,999 Fall = 37% *300,000 Fall + = 40% The Minimum Income in the country, with the raising of wages, the growth of production and the subsequent effects of the Living Wages Act, is currently 34,456 Fall. The average income for a full-time employee is currently 57,426 Fall. The new tax brackets are meant to both be adapted to rising wages, and adapted to the disparity of taxable income currently promoted by the system. PREAMBLE Much like the federal income tax system, we were flabbergasted to see that our corporate tax system is also utterly flawed in nature and disproportionately burdens small businesses while giving huge tax breaks and tax evasion loopholes to multinationals and corporate conglomerates. With this act we seek to make those who have taken advantage of the flawed system for decades pay their fair share back to society which can then be invested into the working people of this nation. -- Secretary of Economic Affairs, Emmanuel Macron DEFINITION An Act to adjust Corporate Tax brackets to realistic Falleen economic standards. Corporate Tax Reform Act 572AER Be it enacted by the Emperor's most Excellent Majesty, Vinther III, by and with the advice and consent of the Chamber of Deputies and the Imperial Senate, in this present Parliament assembled, and by the authority of the same, as follows:-- A new system shall be implemented which implements a relatively low fixed progressive percentage-based tax on small to mid-sized businesses. Higher earners shall pay a fixed sum supplemented by a percent-based tax. With this we hope to not only streamline the current corporate tax system, but to achieve a set of numbers which actually resembles Falleen economic standards and not the archaic fever dreams of past administrations. Taxable income (Fall): (1) AS OF THIS ACT, the following tax brackets shall be considered Corporate Tax Revenue. — a NEW TAX BRACKETS FOR CORPORATE TAX— *0 to 50,000 - 5% *50,000 to 75,000 - 9% *75,000 to 100,000 - 11.7% *100,000 to 335,000 - 15,250 Fall + 14.1% Of the amount over 100,000 *335,000 to 10,000,000 - 73,900 Fall + 16% Of the amount over 335,000 *10,000,000 to 15,000,000 - 1,400,000 Fall + 18% Of the amount over 10,000,000 *15,000,000 to 18,333,333 - 3,150,000 Fall + 19% Of the amount over 15,000,000 *18,333,333 and up 20% Trade Tariffs: Trade Tariffs to be eliminated from their current 5% rate. Category:The Institute of Laws and Regulations